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Safe Havens Lose Shine, NZD & NOK Edge Higher

FOREX

Major safe haven currencies have faced some mild headwinds in early Asia-Pac trade after a strong showing Monday. JPY and CHF have lost shine as the Nikkei 225 reopened higher, taking its cue from the recovery seen at Wall Street.

  • NZD leads gains in G10 FX space at the margin, with participants anticipating a live RBNZ meeting tomorrow. The upcoming gathering is expected to mark the beginning of the Reserve Bank's tightening cycle. NZD/USD overnight implied volatility has surged to a one-month high of 16.61%.
  • NOK trades on a softer footing amid an uptick in crude prices, albeit its oil-tied peer CAD has struggled for any material topside impetus.
  • U.S. retail sales & industrial output, flash EZ GDP & UK labour market report take focus on the data front. Central bank speaker slate includes Fed's Powell & Kashkari, while the RBA will release minutes from their latest MonPol meeting.
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